OPEC and IEA argue over oil’s role in the world


Briefly: The Organisation of the Petroleum Exporting Countries (OPEC) has accused the International Energy Association (IEA) of “finger pointing” (an accusation which itself kinda sounds like finger pointing).

Tension between the oil sector’s two key bodies bubbled over last month when OPEC (which represents oil sellers) announced surprise oil cuts, driving a spike in oil prices that angered the IEA (which represents oil buyers).

So when the IEA objected, OPEC fired off this sassy burn“If anything will lead to future volatility it is the IEA’s repeated calls to stop investing in oil”.

Intrigue’s take: The IEA and OPEC have long been the Kanye and Taylor Swift of the oil sector, with a public feud going back years.

The IEA says there’s no place for new oil projects on the path towards net zero emissions. But OPEC says we need investment in both fossil fuel and renewable projects to avoid energy shortages during the transition.

So there’s broad agreement about the end destination, but real disagreement on how we get there. And the politics of all that are bound to get rockier.

Also worth noting:

Latest Author Articles
COP28 off to a solid start

Just as our co-founder Helen sets foot in Dubai, there’s a major breakthrough: after months of negotiations, nearly 200 nations have agreed on how to run a ‘loss and damage fund’ to help poorer countries weather the impacts of a changing climate.

1 December, 2023
India prepares to build a third aircraft carrier

India is set to add a third aircraft carrier worth $5B to its fleet, with its Defense Acquisition Council likely to clear the deal on Friday, according to Bloomberg.

29 November, 2023
North Korea scraps key military pact with the South

Following the launch of North Korea’s first spy satellite on Tuesday night, and South Korea’s resumption of border surveillance in response, the North scrapped a key military pact between the two neighbours yesterday (Thursday).

24 November, 2023
Did India try to assassinate a US citizen on US soil?

The US has thwarted a plot to assassinate a Sikh activist on American soil, and issued a warning to India over its possible involvement, according to the Financial Times.

23 November, 2023